Credo Technology Group (NASDAQ:CRDO) Stock Price Down 9.4% on Analyst Downgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 9.4% on Thursday after Bank of America lowered their price target on the stock from $83.00 to $75.00. Bank of America currently has a buy rating on the stock. Credo Technology Group traded as low as $39.88 and last traded at $42.33. 2,053,113 shares changed hands during trading, a decline of 32% from the average session volume of 3,023,708 shares. The stock had previously closed at $46.73.

A number of other research analysts also recently weighed in on the company. Craig Hallum upped their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Barclays upped their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday. Finally, Susquehanna lowered their price objective on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.90.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the third quarter worth $30,000. Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $43,000. Finally, Principal Securities Inc. increased its holdings in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

The company has a fifty day simple moving average of $69.20 and a two-hundred day simple moving average of $52.09. The firm has a market capitalization of $7.04 billion, a PE ratio of -280.47 and a beta of 2.09.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.